The aerospace & defense market consists of civil and military aerospace and defense procurements. The civil aerospace segment is deemed to be the revenues accrued by manufacturers from all civil aerospace procurement.

The valuation of the military aircraft, military vehicles, naval vessels, systems & ordnance, and other defense segments is based on capital expenditure (CAPEX), which is defined as expenditure on research and development (R&D), procurement and maintenance of weaponry and other military equipment. Such procurements only include equipment, parts, and maintenance (EPM); other elements of military spending, such as personnel and buildings, are omitted. All market values are given in nominal terms except for the forecast data for Venezuela which is reported in real basis.

Any currency conversions used in the creation of this report have been calculated using constant 2015 annual average exchange rates.

The global aerospace & defense market is expected to generate total revenues of $988.7bn in 2016, representing a compound annual growth rate (CAGR) of 6.9% between 2012 and 2016.

The civil aerospace segment is expected to be the market’s most lucrative in 2016, with total revenues of $554.0bn, equivalent to 56% of the market’s overall value.

The global strategic landscape is disturbing and turbulent: ongoing tensions in Ukraine and Russia have led to Russian sanctions, Iraq and Syria have seen the rise of Islamic State (IS), refugees from the Middle East and Africa flee to the Mediterranean, and no solution in prospect remains for the tensions between Israel and the occupied territories.

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